US investment magnate Warren Buffett's Berkshire Hathaway Insurance Group has been granted approval to set up a unit in Ireland to allow it to continue to service clients in Ireland and the European Economic Area (EEA) post Brexit.
The Central Bank of Ireland has authorised Dublin-incorporated Berkshire Hathaway European Insurance (BHEI), which will be used by a number of the group's insurance brands operating in Europe, including Berkshire Hathaway Speciality Insurance, MedPro, and Faraday.
"Where necessary or required, EEA business previously transacted through BHEI's UK based direct parent Berkshire Hathaway International Insurance Limited (BHIIL) will be transferred from BHIIL to BHEI, in accordance with applicable law, to achieve a smooth transition for its customers and brokers upon the UK leaving the European Union, " the company said.
However, BHIIL will continue to operate its “significant” general insurance business in the UK market and overseas under its existing licences, it said. The new Irish unit will start writing business by the end of this month.
Central Bank of Ireland records show that BHIIL has been listed since 1997 as a passporter of general insurances services into Ireland from the UK under EU rules.
In 2017, the group’s Berkshire Hathaway Speciality Insurance division set up an office in Dublin.
A number of insurers, including Travers, XL Insurance, Beazley, Hiscox, Bupa and Royal London Insurance, have either outlined or already implemented plans to set up centres here to retain access to the single market as a result of the UK leaving the EU.